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if the deal we're hearing about makes it out of the senate, will the house pass it? >> let's ask congressman john yarmuth. i want to ask you point blank. do you think president obama purposely slowed things down today? >> no, i don't think so at all. what i think he was trying to do was probably to try to send a signal to the democratic base that this didn't resolve the crisis that things were still in flux. that the spending portion of this dilemma, so-called sequester, is really critical to democrats. because democrats have compromised, given up an awful lot on spending programs that are important to us. if you do away with the sequester, you see what the alternative is. last week it was plan "b." it added money for defense. slashed money for education and food stamps and nutrition programs and medicaid. that is something that's great concern to democrats. >> what are they giving up on spending? >> what are we giving up on spending? well, actually, there's a $1.2 trillion on the table right now under our democrats who say let it go. let the across the board cuts ta
if the deal we're hearing about makes it out of the senate, will the house pass it? >> let's ask congressman john yarmuth. i want to ask you point blank. do you think president obama purposely slowed things down today? >> no, i don't think so at all. what i think he was trying to do was probably to try to send a signal to the democratic base that this didn't resolve the crisis that things were still in flux. that the spending portion of this dilemma, so-called sequester, is really...
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that same year, president obama created the simpson/bowles commission, remember that, to find solutions to the debt. the commission came up with a bipartisan plan to cut $4 trillion in deficit cuts, but the deal never gained enough support to be sent to congress. a year later in 2011, another fight emerged in congress over the treasury department's request to raise the debt limit. congress battled for months and the economy suffered, resulting in the u.s. losing its aaa credit rating for the first time in history. we were downgraded. what's next? and as part of a last-ditch compromise to avoid default, both sides agreed to $1 trillion in spending cuts and an additional $1.2 trillion in across-the-board cuts that would kick in at the beginning of 2013 unless a bipartisan super committee made up of politicians from both parties could come up with an agreement. that super committee failed, and of course, the country is now facing those self-imposed, massive cuts to defense spending and other programs. fed chair ben bernanke warned that if these cuts went through, and we're looking at a dea
that same year, president obama created the simpson/bowles commission, remember that, to find solutions to the debt. the commission came up with a bipartisan plan to cut $4 trillion in deficit cuts, but the deal never gained enough support to be sent to congress. a year later in 2011, another fight emerged in congress over the treasury department's request to raise the debt limit. congress battled for months and the economy suffered, resulting in the u.s. losing its aaa credit rating for the...
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Dec 28, 2012
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see, in this market, it fell down after obama got reelected, but then it's been working its way back up. the fact is that i think a deal will get done and the key part is avoiding incomes under 250,000 and that's probably what they're going do. >> why is that market participant or are you speaking politically there? >> no, i'm speaking as a market participant because the spending for income for people under 250,000 in income is an important economy and that part of the economic spectrum and what they have in their pocket affects what they spend. >> and i get your point. we're a consumer-driven economy. broadway an kelly, your assessment about what happens if we don't get a deal? what happens in the markets? >> i think you saw it this morning and it looked like we're doing a full cliff dive and the market started to tank. i agree with the consumer. look at the consumer con if ied thens morning and that was driving this economy. we had consumer confidence at five-year highs and it was awful and all due to this uncertainty over the cliff. so if we can get some kind of deal that would be
see, in this market, it fell down after obama got reelected, but then it's been working its way back up. the fact is that i think a deal will get done and the key part is avoiding incomes under 250,000 and that's probably what they're going do. >> why is that market participant or are you speaking politically there? >> no, i'm speaking as a market participant because the spending for income for people under 250,000 in income is an important economy and that part of the economic...
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. >> president obama said a deal is in sight and appeared at a campaign style event to remind everyone he is winning and g.o.p. is not. >> last month, republicans in congress said they would never agree to raise tax rates on the wealthiest americans. the agreement currently discussed would raise those rates, raise them permanently. >> republicans suggest the event may backfire to accuse the republican of rubbing their nose in defeat. >> the president won. we know that. he won fair and square. isn't it now time to govern? >> the president was out of line with his comments at 1:30 afternoon. this is a delegate time. i think the democrats would be embased after what the president did. >> after months of the president promising a balanced approach there are only tax hikes for rich without new spending cuts. today he hinted at more tax hikes ahead. warning republicans that the future deficit reduction will not come from cuts alone. >> if they think that is the formula for how we solve this thing, they have another thing coming. that is not how it will work. >> republicans fire back it's tim
. >> president obama said a deal is in sight and appeared at a campaign style event to remind everyone he is winning and g.o.p. is not. >> last month, republicans in congress said they would never agree to raise tax rates on the wealthiest americans. the agreement currently discussed would raise those rates, raise them permanently. >> republicans suggest the event may backfire to accuse the republican of rubbing their nose in defeat. >> the president won. we know that....
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Dec 30, 2012
12/12
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modestly optimistic, that is, that a deal can be done. here is the president. >> i still want to get thi done. it's the right thing to do for our families and our businesses and for our entire economy. but for iediate action comedy hour is here. it is now. we are now at the point where in just four days, every american's tax rates are scheduled to go up by law. every american paycheck will get considerably smaller. that would be the wrong thing to do. gerri: no kidding. we have been telling you that for weeks. democrats and republicans alike should rename their parties the procrastination party. that is because like a lot of college freshman, they left their work until the last minute. including the 800 billion-dollar fiscal cliff that we have been talking about. a hundred billion dollars it hasn't happened yt. it's not like the deadline comes as a surprise to anybody at all, the least of all congress. they were the ones who extended the bush tax cuts. originally passed back in 20,122,010 and 2012. for two years now, they have known the i
modestly optimistic, that is, that a deal can be done. here is the president. >> i still want to get thi done. it's the right thing to do for our families and our businesses and for our entire economy. but for iediate action comedy hour is here. it is now. we are now at the point where in just four days, every american's tax rates are scheduled to go up by law. every american paycheck will get considerably smaller. that would be the wrong thing to do. gerri: no kidding. we have been...
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Dec 28, 2012
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president obama says he's "modestly optimistic" a fiscal deal can be reached in time. he said he's instructed senator harry reid and senator mitch mcconnell to come up with a plan that can pass in congress. his brief comments a short while ago came after a white house meeting today with congressional leaders that ended with no deal. ahead of that, investors st hope lawmakers can come together in the time remaining. in the last few minutes of trading, stocks sold off. the dow tumbled 158 points, the nasdaq lost 25, and the s&p fell over 15 points. here's darren gersh with more on the critical work that has to get done in washington this weekend. >> reporter: the president declared himself modestly optimistic congress could still reach an agreement to head off huge tax hikes on january first, but he also warned lawmakers to get their work done. >> the american people are not going to have patience with a self-inflicted wound on the economy. >> reporter: senate republican leader mitch mcconnell called the white house meeting a good one and he told his fellow republicans h
president obama says he's "modestly optimistic" a fiscal deal can be reached in time. he said he's instructed senator harry reid and senator mitch mcconnell to come up with a plan that can pass in congress. his brief comments a short while ago came after a white house meeting today with congressional leaders that ended with no deal. ahead of that, investors st hope lawmakers can come together in the time remaining. in the last few minutes of trading, stocks sold off. the dow tumbled...
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Dec 29, 2012
12/12
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president obama says he's "modestly optimistic" a fiscal deal can be reached in time. he said he's instructed senator harry reid and senator mitch mcconnell to come up with a plan that can pass in congress. his brief comments a short while ago came after a white house meeting today with congressional leaders that ended with no deal. ahead of that, investors lost hope lawmakers can come together in the time remaining. in the last few minutes of trading, stocks sold off. the dow tumbled 158 points, the nasdaq lost 25, and the s&p fell over 15 points. here's darren gersh with more on the critical work that has to get done in washington this weekend. >> reporter: the president declared himself modestly optimistic congress could still reach an agreement to head off huge tax hikes on january first but he also warned lawmakers to get their work done. >> the american people are not going to have patience with a self-inflicted wound on the economy. >> reporter: senate republican leader mitch mcconnell called the white house meeting a good one and he told his fellow republicans
president obama says he's "modestly optimistic" a fiscal deal can be reached in time. he said he's instructed senator harry reid and senator mitch mcconnell to come up with a plan that can pass in congress. his brief comments a short while ago came after a white house meeting today with congressional leaders that ended with no deal. ahead of that, investors lost hope lawmakers can come together in the time remaining. in the last few minutes of trading, stocks sold off. the dow tumbled...
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Dec 28, 2012
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we have to deal with the reality. it's about spending. it's about the debt and when the president's proposal, original proposal would produce, what, about $80 billion next year? that would just cover the incremental increase in interest costs on our debt. we're avoiding the truth. we're avoiding the reality and that's why a lot of us are very cranky about some of the let's do a patch work, let's push it off into the future because we're going to crash and burn under our own debt. >> if you're cranky, think about how the american public feels right now, congressman. they are very cranky that you folks have not been able to make any seeming head way, either on the spending side, which i agree with you is the truly important one that we have to address. >> exactly. >> or on the tax side. but nobody seems to have moved this ball very far forward unless i and everybody else is missing a heck of a lot. on the spending side, what precise specific spending cuts would you like to see and could you buy into, any spending cuts of the defense establi
we have to deal with the reality. it's about spending. it's about the debt and when the president's proposal, original proposal would produce, what, about $80 billion next year? that would just cover the incremental increase in interest costs on our debt. we're avoiding the truth. we're avoiding the reality and that's why a lot of us are very cranky about some of the let's do a patch work, let's push it off into the future because we're going to crash and burn under our own debt. >> if...
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gary nurenberg joins me with the latest as we actually just heard from president obama. >> after a long meeting the president came out to say he is still optimistic that a deal can be done reminding the country that we are only now three days away from the point where everyone's taxes go up and huge spending cuts kick in, saying that would be wrong for the economy and wrong for the country. the president said he is urging the senate leaders, reid and mcconnell to come back to him with a plan by sunday. he says if they're unable to do that, then he is demanding that his backup proposal from last week allowing tax rates to rise for those making $250,000 and extending unemployment we was for 2 million jobless americans whose benefits will run out on january 1st, he wants that proposal to go to the house and the senate, the senate first, and demands an up or down vote. >> if you can get a majority in the house and a majority in the senate, then we should be able to pass a bill. so the american people are watching what we do here. obviously their patience is already thin. this is deja vu all
gary nurenberg joins me with the latest as we actually just heard from president obama. >> after a long meeting the president came out to say he is still optimistic that a deal can be done reminding the country that we are only now three days away from the point where everyone's taxes go up and huge spending cuts kick in, saying that would be wrong for the economy and wrong for the country. the president said he is urging the senate leaders, reid and mcconnell to come back to him with a...
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without a deal what happens? >> some kind of deal, the economy continues to grow very slowly. we are doing all this spending to prop up the economy because the fundamentals are right. all of the things the obama administration has done have been anti growth, whether energy licy, trade with china, reregulation of wall street. and now this, taxing all those jobs creators, all those small businesses. i don't know why you would want to invest in this country now. gerri: let me ask you this. the congressional budget office has out its numbers. if the fiscal cliff hits they say u.s. gdp would shrink by half a percentage point and that unemployment will rise to over 9%. do you think they have the rights or are they just too conservative? will it be worse? >> if we actually went over the cliff we would be subtracted from domestic demand over $600 billion. that is about four percentage points in gdp. most economists were forecasting in the first half of next year hardly 2 percent growth. if you subtract 4% to spending from that year and a recession that is much deeper. the cbo tense an
without a deal what happens? >> some kind of deal, the economy continues to grow very slowly. we are doing all this spending to prop up the economy because the fundamentals are right. all of the things the obama administration has done have been anti growth, whether energy licy, trade with china, reregulation of wall street. and now this, taxing all those jobs creators, all those small businesses. i don't know why you would want to invest in this country now. gerri: let me ask you this....
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president obama earlier on today saying it does appear a deal on the fiscal cliff is nearing. it is within sight. obviously a bit of work still to be done here. even mitch mcconnell says we are very, very close. so the markets have moved up on that hope we will get a done deal and avert the fiscal cliff. >>> positioning portfolios for the new year, i can majs is tricky right now. there's a lot of mess going on in d.c. we're going to help. we're going to give you the single best play for 2013. >>> and also next, two congressman, one democrat one republican. they're going to talk to us about the fiscal cliff. are they happy or sad? and can they rise above to get a deal done? "closing bell" will be back after this break. tdd#: 1-800-345-2550 when i'm trading, i'm totally focused. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 gives me tools that help me find opportunities more easily. tdd#: 1-800-345-2550 i can even access it from the cloud and trade on any computer. tdd#: 1-800-345-2550 and with sch
president obama earlier on today saying it does appear a deal on the fiscal cliff is nearing. it is within sight. obviously a bit of work still to be done here. even mitch mcconnell says we are very, very close. so the markets have moved up on that hope we will get a done deal and avert the fiscal cliff. >>> positioning portfolios for the new year, i can majs is tricky right now. there's a lot of mess going on in d.c. we're going to help. we're going to give you the single best play...
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. >> if i was worried about a deal struck by president obama and the senate? no. >> democrats incyst it would be exercise in futility that could rattle world markets. >> mercifully, worst congress in history perhaps goes out of existence in two days. if they open this up on the floor and starting to amend, you know, we'll be swearing in the new congress while they are still acting out that drama. >> yet, conservative outrage over the deal is building. especially after the congressional budget office said legislation that was supposed to help cut the deficit will now add $3.6 trillion to the national debt over the next ten years. the architect of the senate deal minority leader mitch mcconnell notes it lacks in tax cut for large portion of the public. rattling it now would likely hand the blame to the republicans. >> i can speak to the entire conference when i say we don't think taxes should be going up on anyone. but we all knew if we did nothing they would be going up on everyone today. we weren't going to let that happen. >> aide to the president incyst he w
. >> if i was worried about a deal struck by president obama and the senate? no. >> democrats incyst it would be exercise in futility that could rattle world markets. >> mercifully, worst congress in history perhaps goes out of existence in two days. if they open this up on the floor and starting to amend, you know, we'll be swearing in the new congress while they are still acting out that drama. >> yet, conservative outrage over the deal is building. especially after...
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Dec 29, 2012
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again, in an afternoon white house meeting president obama pitch a debt plan he had outlined a week ago, prevent a tax increase for income of less than to an effective thousand dollars per year and extend long-term unemployment benefits. senate leaders are using that framework to try to craft a proposal to pass both houses of congress. aides say it would likely increase the threshold for tax increases, reversing massive pay cut from medicare doctors, and elections of millions of americans to avoid paying the alternative minimum tax. an increase in the debt ceiling is not part of the discussion. that is significant development for house republicans who won any increase in the borrowing limit it accompanied by an equal amount in spending cuts taking the debt ceiling of the table making it much easier for the scaled-down version to be negotiated. from here senate leaders will try to secure an agreement by sunday morning. if so, democrats and republicans will try to sell its house and senate members. if they can do that the voting begins. there is some progress report this evening, though t
again, in an afternoon white house meeting president obama pitch a debt plan he had outlined a week ago, prevent a tax increase for income of less than to an effective thousand dollars per year and extend long-term unemployment benefits. senate leaders are using that framework to try to craft a proposal to pass both houses of congress. aides say it would likely increase the threshold for tax increases, reversing massive pay cut from medicare doctors, and elections of millions of americans to...
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we're dealing with tens of trillions of dollars in unfunded liabilities, in four years obama has done nothing on entitlement reform. nothing for four years. what has he done? chirped about raising taxes on rich people. raising taxes on rich people is what obama talks about instead of doing his job. there are two costs to this. one, if you take money out of savings and investment, which is what you're doing with this, it doesn't help, it reduces the incentives to save, invest and work and the other thing you do is you never get to reform government entitlements. >> that's not causal. >> it is, absolutely. >> that's not really. >> you live in new york i live in d.c., washington, this is all causal. the reason he's talking about tax increases is to avoid the conversation and dealing with spending restraints. that's why obama does what he does. >> the reason i doubt that, grover, is because we've all done the math and we all absolutely agree on the math that you can't get out of the deficit hole we're in by taxing rich people even if you tax them at 100%. everybody know knows that. so whe
we're dealing with tens of trillions of dollars in unfunded liabilities, in four years obama has done nothing on entitlement reform. nothing for four years. what has he done? chirped about raising taxes on rich people. raising taxes on rich people is what obama talks about instead of doing his job. there are two costs to this. one, if you take money out of savings and investment, which is what you're doing with this, it doesn't help, it reduces the incentives to save, invest and work and the...
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that would extend middle-class tax cut, deal with spending cuts. it's a basic plan that the president is calling for. something similar has already passed so the white house feels confident that what the president is calling for could again pass through the senate and get through the house. in order for that to happen, richard, that would involve every single democrat in the house voting for it as well as about 30 republicans. so the question is could they actually get that many republicans to vote for this pack am that the president is calling for. but politically what he is doing is essentially saying this is the plan i'm putting forth, let's get it through the senate and if it fails, it will fail through the senate house, letting republicans own that failure. putting it in a box. president obama giving the lawmakers here two options. one, to come up with their own alternative proposal. of course, that's something senate majority leader harry reid will work on. if not, he'll say put my plan to basic up or down vote. richard? >> kristen, i didn't
that would extend middle-class tax cut, deal with spending cuts. it's a basic plan that the president is calling for. something similar has already passed so the white house feels confident that what the president is calling for could again pass through the senate and get through the house. in order for that to happen, richard, that would involve every single democrat in the house voting for it as well as about 30 republicans. so the question is could they actually get that many republicans to...
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Jan 1, 2013
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some of what you heard president obama say yesterday in his remarks. now mitch mcconnell's role has been obviously to -- he's been in touch obviously with house republicans. it's not as if he brokered a deal for senate republicans in a vacuum without considering the house. he brokered that deal very much considering what house republicans would accept. he didn't obviously want his republicans to be kind of joining in on something that didn't have a chance of passing the house. but at this point, it's up to john boehner to see how much support he has for the bill with or without amendments and whether he can move forward today or if it's going to be delayed. e we should find that out shortly. >> brianna keilar live for us at the white house, thank you. also we're going to keep an eye on washington today. we'll be live throughout the day to just see what the house plans to do. and then coming up we're going to get the pulse of the people too. back in a moment. >>> we're all keeping a close eye on the house today to see e what those house members decide t
some of what you heard president obama say yesterday in his remarks. now mitch mcconnell's role has been obviously to -- he's been in touch obviously with house republicans. it's not as if he brokered a deal for senate republicans in a vacuum without considering the house. he brokered that deal very much considering what house republicans would accept. he didn't obviously want his republicans to be kind of joining in on something that didn't have a chance of passing the house. but at this...
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do we expect something like that, obama, the deal maker, obama the praying mattist, to use democrats in the congress in that way, or not? >> i don't see their incentives as being that much different. i do think that president obama, the leader of the democratic party, really has the leverage. i don't -- i expect that if there is a deal, that democrats don't like, you'll hear grumbling from the democrats, but i would be very surprised if you hear outright revolt. what democrats in congress want is more money. that's what president obama is facing. a full second term of under very constrained circumstances. he wants more rev new. i think he also wants, as much as he feels like he has that sword over republicans, the fact is if the economy goes into recession, that is going to affect the prospects for a successful second term for him and n a profound way. >> congressman cummings, if i still have you, i'm interested in your take on this. i think some friction between even a democratic controlled white house and a democratic controlled house or a democratic controlled congress, there is s
do we expect something like that, obama, the deal maker, obama the praying mattist, to use democrats in the congress in that way, or not? >> i don't see their incentives as being that much different. i do think that president obama, the leader of the democratic party, really has the leverage. i don't -- i expect that if there is a deal, that democrats don't like, you'll hear grumbling from the democrats, but i would be very surprised if you hear outright revolt. what democrats in congress...
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Dec 31, 2012
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talking to and fro, when president obama was speaking and saying a fiscal cliff deal was in sight, we saw the dow spike back above the 13,000 market pch pairing those gains a little bit as we speak. still below the 13k mark right now. we will watch this as we continue to get headlines. let's talk to aimian who is also falling a minute by minute changes. what is the latest in your camp? >> the deal john just outlined would be a relief here on capitol hill. i talked to congressman last night who were worried that negotiations would break down and the democratic senate would send over a hot potato bill. they thought they would be forced to be under a position of rejecting the bill, voting against it or having tspeaker just sit on it and kill it completely. they did not want to be the last people in this debate to vote this thing down. now it looks like what will happen is they will get a bill at some point, perhaps later today or some evening that might be something a good solid group of republicans can co-eless around. it has been the big question throughout this. can the democrats and
talking to and fro, when president obama was speaking and saying a fiscal cliff deal was in sight, we saw the dow spike back above the 13,000 market pch pairing those gains a little bit as we speak. still below the 13k mark right now. we will watch this as we continue to get headlines. let's talk to aimian who is also falling a minute by minute changes. what is the latest in your camp? >> the deal john just outlined would be a relief here on capitol hill. i talked to congressman last...
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this, after both senate and white house made it clear a deal was very close. >> president obama told supporters this afternoon that there has been progress in avoiding a hike in middle class tax autos preventing that tax hike has been my top priority. >> the president said the deal being worked outwqjx between the senate republican leader mcconnell and vice president will extend current tax rates for households making up to $450,000 per year, increasing estate tax rate from 35% to 40%, and extend unemployment benefits one year. sticking spoint how long to push off massive mandatory spending cuts to the pentagon and domestic program goesing into affect in the new year, democrats want a one year extension, republicans insifrting on sooner. the president issued this warning about cuts only strategy. >> if they think that is going to be the form larks they've got another thing coming. it's not how goitsing to work. >> republicans bristledíróqj2lt remarks. >> it was dismissive and insulting. belittling and in the end, sad. >> senate republican leader mitch mcconnell didn't join n after
this, after both senate and white house made it clear a deal was very close. >> president obama told supporters this afternoon that there has been progress in avoiding a hike in middle class tax autos preventing that tax hike has been my top priority. >> the president said the deal being worked outwqjx between the senate republican leader mcconnell and vice president will extend current tax rates for households making up to $450,000 per year, increasing estate tax rate from 35% to...
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obama in it to break the party or the gop? >> as a democrat, i wish that, but the reality is he is far more liberal than they think he s he wants the deal. regardless of what howard dean wants, he clearly wants a deal and whether or not he is going to get it doesn't seem like it is going to happen before midnight. that is one of these issues that elections are supposed to decide those things. >> and larry elder. i'll give you the last word on our new year's show. the debt ceiling is coming. but nobody wants america to default. >> the debt ceiling is coming. the end game is a value added tax on top of the irs so that we have the western style welfare state. tax es are going to go up next year also. >> maybe. >> taxes. >> president obama has never said anyone of those thing. >> happy new year. thank you very much. thank you very much. appreciate it. the night continues head over to cnbc.com for the latest. happy new year everybody and all of 2012. excuse me, sir i'm gonna have to ask you to power down your little word game. i th
obama in it to break the party or the gop? >> as a democrat, i wish that, but the reality is he is far more liberal than they think he s he wants the deal. regardless of what howard dean wants, he clearly wants a deal and whether or not he is going to get it doesn't seem like it is going to happen before midnight. that is one of these issues that elections are supposed to decide those things. >> and larry elder. i'll give you the last word on our new year's show. the debt ceiling is...
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obama is preferring a $250,000 threshold, but in the process of trying to hammer out the deal, it is raised to $400,000 or $500,0 $500,000, and the base is going to be angry about that, and that is offset by satisfaction that some of the entitlement reforms that the president had signed off on earlier such as changing the structure for social security will not likely be in this deal, and obviously, everything remains to be seen, and the estate tax is a big sticking point, because obama wants to see it go up, and the senate republicans will insist that it stay at the current rate. >> thank you, robert costa and sam stein. we will be back in a moment. this is "hardball," the place for politics. >>> welcome back to hardball. what will a deal look like if there is one? and who is going to wind up giving up more on the tax cuts for wealthy americans? harry reid insists $250,000 is a threshold, but it may not hold. joining me now is josh green of bloomberg business week. josh, for the markets, for the business community, whether it is $250,000 and i know sit is a big deal for the politicia
obama is preferring a $250,000 threshold, but in the process of trying to hammer out the deal, it is raised to $400,000 or $500,0 $500,000, and the base is going to be angry about that, and that is offset by satisfaction that some of the entitlement reforms that the president had signed off on earlier such as changing the structure for social security will not likely be in this deal, and obviously, everything remains to be seen, and the estate tax is a big sticking point, because obama wants to...
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that's what you'd expect to come from president obama. but we're also -- we sort of said tonight is the deadline and that's true because a lot of the tax cuts expire at midnight. the sense we're getting from a lot of sources and from members of congress is that perhaps tonight isn't a hard and fast deadline. mitch mcconnell and the vice president are negotiating in earnest to find a deal. but it's sort of difficult to see how exactly that may come to be by midnight and have votes in the senate and house. the thought is that going over the cliff gives cover for some democrats and certainly some republicans. there will be a lot more pressure after the cliff comes to be to put a solution in place. even after midnight were to come and go, we would see them wo working towards an agreement, e we would expect. >> politicking around a cliff that was always meant to be sort of the suicide that would never be. john avalon said, congress is raising to diffuse a time bomb that congress wired. >> reporter: that's true. the thing is, and we will contin
that's what you'd expect to come from president obama. but we're also -- we sort of said tonight is the deadline and that's true because a lot of the tax cuts expire at midnight. the sense we're getting from a lot of sources and from members of congress is that perhaps tonight isn't a hard and fast deadline. mitch mcconnell and the vice president are negotiating in earnest to find a deal. but it's sort of difficult to see how exactly that may come to be by midnight and have votes in the senate...
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end to the brinksmanship in the deal and now a two-year end and now no deal and democrats say obama just defacto negotiated and the republicans know it and we have a crisis on the hands a month from now. >> well, we will have another crisis on the hands a month from now and back here staying up in the capitol late trying to figure out what the deal is. the president said today that if it comes down to that, it's not just spending cuts but there will be revenue in there, as well. but, you know, what's the leverage then? there's an interesting question. so, it will be deja vu all over again to quote a recent speech i heard. we have to see. >> michael, i see on november 6th, 234 republicans were elected. only 15 of them from congressional districts obama won. in 2014, 14 senators will be -- will go up for re-election. 13 of them will stay and -- 12 of them in states obama did not win and like we have 2 different parallel sort of universes trying to talk to each other and republicans don't really need and are not incented to work with obama because they're coming from constituency that
end to the brinksmanship in the deal and now a two-year end and now no deal and democrats say obama just defacto negotiated and the republicans know it and we have a crisis on the hands a month from now. >> well, we will have another crisis on the hands a month from now and back here staying up in the capitol late trying to figure out what the deal is. the president said today that if it comes down to that, it's not just spending cuts but there will be revenue in there, as well. but, you...
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republican senator lindsay graham expressing optimism on deal and president obama is calling out lawmakers for rejecting offers for last month. >> what do you think the chances of a small deal in the less 48 hours to avoid the cliff? >> exceedingly good. i think what have we accomplished, a political vick for the president. the president has stood his ground. he is going to get tax rate increases but upper income americans and sad news for the country we have accomplished very little of not becoming greece. this won't affect the debt situation. it will be a political victory for the president and i hope we'll have the courage of our convictions when it comes time to raise the debt ceiling to fight for what we believe in. but hats off to the president. >> we have been talking to the republicans since the election has been over. they have had trouble to say yes to a number of repeated offers. >> so what kind of deal if any can we expect before the clock runs out? joining us for a fair balanced debate, tony is here, national political correspondent for talk radio news service and fox news con
republican senator lindsay graham expressing optimism on deal and president obama is calling out lawmakers for rejecting offers for last month. >> what do you think the chances of a small deal in the less 48 hours to avoid the cliff? >> exceedingly good. i think what have we accomplished, a political vick for the president. the president has stood his ground. he is going to get tax rate increases but upper income americans and sad news for the country we have accomplished very...
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what can you tell us about this new fiscal cliff deal that president obama has sent over to senator leaders? >> well, the power of social media to get the word out. gop sources say in the conversation with the president, he indicated that he does have a bill he would like to bring forward to the hill today. they have not seen that. it would be a package to deal with averting the fiscal cliff. we can infer from that with what the president said before he went to the family vacation in hawaii that he wanted something that would be scaled down, not a massive grand bargain that would protect the current tax rate for people who earned less than $250,000 a year or perhaps a different figure if they reached that. but trying to protect the middle class. so officials here haven't seen it yet, but this is kind of today's volley in what has been this ongoing battle. house speaker john boehner has been saying the president must act and it appears the president is prepared to do that with another offer. and senate democrats would presumably be right on board with that. hopefully we will get details some
what can you tell us about this new fiscal cliff deal that president obama has sent over to senator leaders? >> well, the power of social media to get the word out. gop sources say in the conversation with the president, he indicated that he does have a bill he would like to bring forward to the hill today. they have not seen that. it would be a package to deal with averting the fiscal cliff. we can infer from that with what the president said before he went to the family vacation in...
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this morning in an exclusive interview president obama said compromise will be a key to making a deal. >> it is very important for republicans in congress to be willing to say we understand we are not going to get 100%. we are willing to compromise in a serious way. >> senate leaders hoped to send a plan right about now. the talks have broken down. listen to what senate leader said on the floor a short while ago. >> now, i'm concerned about the lack of urgency here. i think we all know we are running out of time. this is far too much at stake for political gamesmanship. the consequences of this are too high for the american people to be engaged in a political messaging campaign. i am interested in getting a result here. >> we have been trying to come up with some counteroffer to my friends' proposal. we have been unable to do that. i had have had a conversation with the president and that this stage we are not able to make a counteroffer. >> what happens now? with us is cello o'donnell and kristen welker. >> we are sort of at a pause point. if you are looking at the tone of these lead
this morning in an exclusive interview president obama said compromise will be a key to making a deal. >> it is very important for republicans in congress to be willing to say we understand we are not going to get 100%. we are willing to compromise in a serious way. >> senate leaders hoped to send a plan right about now. the talks have broken down. listen to what senate leader said on the floor a short while ago. >> now, i'm concerned about the lack of urgency here. i think we...
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>> melissa, we're hearing signs of optimism about a potential deal. somewhere with an income tax threshold in the $400,000 to $500,000 range, not the $250,000 that president obama had been insisting on. although a source familiar with the talks told me a few minutes ago, if it goes between 400 and 500, democrats would get the full increase to 39.6. that is the clinton era rate, extension of unemployment benefits and increase in the estate tax. still the signs are that something is going to happen. in fact, bob corker, the senator from tennessee, was on with joe and i here from washington on "squawk box" and said there will be a deal, even if one that doesn't solve all of our long-term debt and deficit problems. here's bob corker. >> i do think there's going to be a resolve to this. the problem is, you know, we created this fiscal cliff to make some tough decisions. and none are going to be made. not one. >> so the question is going to be then, do the tough decisions on spending get made in january and february, running up to the debt limit. we'll see
>> melissa, we're hearing signs of optimism about a potential deal. somewhere with an income tax threshold in the $400,000 to $500,000 range, not the $250,000 that president obama had been insisting on. although a source familiar with the talks told me a few minutes ago, if it goes between 400 and 500, democrats would get the full increase to 39.6. that is the clinton era rate, extension of unemployment benefits and increase in the estate tax. still the signs are that something is going...
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the house will be back in session on sunday to try to deal with the issue. we haven't had enough time, you know, two years. when is the last time we had a budget? >> harry reid was just -- wasn't he great yesterday talking about mitch mcconnell and the republicans? no budget. >> and more than 14,000 longshoremen could go on strike this weekend because of a contract dispute. a walkout would close cargo ports. some estimates say a strike could cost the economy $1 billion a day. which would add up. it would kind of counteract the 85 billion. but bernanke is doing 2 billion a day, right? >> more. >> 2.5, yeah. so that would take away -- we could easily rachet it up. unless the printing presses overheat at that point. let's check on the markets this morning. the futures were indicated lower based on angst. there it is worse. it was down 40 earlier, not out 62. they were down 150 at one point. came back down to 18. we're somewhere. >> between there. let's check out some of these other boards that maybe we missed in the last hour. europe, europe is even moving on a
the house will be back in session on sunday to try to deal with the issue. we haven't had enough time, you know, two years. when is the last time we had a budget? >> harry reid was just -- wasn't he great yesterday talking about mitch mcconnell and the republicans? no budget. >> and more than 14,000 longshoremen could go on strike this weekend because of a contract dispute. a walkout would close cargo ports. some estimates say a strike could cost the economy $1 billion a day. which...
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you heard president obama concede this is not a perfect deal. he said he wanted a big deal that dealt with both tax reform and deficit reduction. you also heard him talk about the fact that the new revenues would be hundreds of billions of dollars. what he initially wanted was about $1.6 trillion so this is a compromise on his part, as well. republicans initially coming, raising their offer so they kind of came to the middle on that point. but, again, the one sticking point that remains, the sequester and what negotiators continue to hammer out. vice president biden playing a key role in the negotiations having served more than 30 years in the senate. he knows how these types of negotiations get done. really, better than anyone. he, mitch mcconnell with whom he has a strong relationship, trying to take it to the finish line. >> i guess that's something given how many sticking points we were up against before. thank you so much. >> reporter: thanks. >> any deal from the 11th hour talks will be rushed through both chambers of congress. mike viquei
you heard president obama concede this is not a perfect deal. he said he wanted a big deal that dealt with both tax reform and deficit reduction. you also heard him talk about the fact that the new revenues would be hundreds of billions of dollars. what he initially wanted was about $1.6 trillion so this is a compromise on his part, as well. republicans initially coming, raising their offer so they kind of came to the middle on that point. but, again, the one sticking point that remains, the...
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president obama will be watching with the rest of country for a deal to be hammered out. he thinks republican leaders need to bend. >> congress has not been able to get this stuff done not because democrats in congress don't want to go ahead and cooperate but because i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit and as part of an overall deficit reduction package. >> i'm joined by congresswoman barbara lee a democrat from california. good to see you. good morning. >> good to see you. glad to be with you. >> let me give you the republican perspective. it is that some indications they are willing to give on taxes whether 400 or 450,000, that yesterday they floated this idea of changing social security. they've backed off on that. they apparently are willing to give on some of these estate taxes. the democrats are willing to give on some of the estate taxes. but what the republicans want is they say that this deal that's being offered looks like it actually p
president obama will be watching with the rest of country for a deal to be hammered out. he thinks republican leaders need to bend. >> congress has not been able to get this stuff done not because democrats in congress don't want to go ahead and cooperate but because i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit and as part of an overall deficit reduction package. >>...
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president obama put a deal on the table that made significant concessions to the republicans. if they had bought that deal, we would have bought about ten years of relative fiscal stability. i think we can still get around to making a reasonable deal after the deal. but this is a terrible way to govern and a terrible way to run our government. any business likes to have some way of planning. so do government agencies. by having these deadlines makes it hard for people who are trying to make the government work. >> always great to talk to you, my friend. thank you. >> thank you. >>> much more ahead as the nation inches forwards the everyone of the fiscal cliff. and at the top of the hour, david gregory's interview made news from "meet the press." that's coming up, too. [ male announcer ] it's that time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference.
president obama put a deal on the table that made significant concessions to the republicans. if they had bought that deal, we would have bought about ten years of relative fiscal stability. i think we can still get around to making a reasonable deal after the deal. but this is a terrible way to govern and a terrible way to run our government. any business likes to have some way of planning. so do government agencies. by having these deadlines makes it hard for people who are trying to make the...
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so to me, the president actually wants an argument more than a deal. he could have been helpful and instrumental in getting things done every six months to go through a budget crisis with president obama, he could figure out a way to lead and bring people together earlier. they can't call in mitch mcdonnell until the 26th and complain he was there at the last minute. i think there's a lot to be done to improve legislative affairs at the white house and would ultimately help president obama. >> and said about that, but mcconnell is still is late, he could have imposed himself, and not the way he does it. here is the fundamental problem. leaving aside the policy issue which i know is important to you all. if i get down to politics on bumper stickers, you're holding all of this up, including people's tax cuts it defend millionaires, that's all we have to say. >> and the democrats all agree that the bush tax cuts were the-- were good for the economy. that's had an amazing concussion that you're making-- >> and you're making -- let me finish here. the argum
so to me, the president actually wants an argument more than a deal. he could have been helpful and instrumental in getting things done every six months to go through a budget crisis with president obama, he could figure out a way to lead and bring people together earlier. they can't call in mitch mcdonnell until the 26th and complain he was there at the last minute. i think there's a lot to be done to improve legislative affairs at the white house and would ultimately help president obama....
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the obsession, getting a deal at the very last minute. others kept saying well, you just watch, i know it looks bad now but if you wait until the stroke of midnight, we'll be there. indeed we are a, but i think th rational people say why is this that we do this at 11:59, and have terrible consequences. >> all right, ezra klein, stand by if you will. let's bring in "huffington post" ryan grim, i know you were just over joyed hearing this. but after all of this back and forth for so long, it is coming down literally to midnight. >> sure, and ezra is right. that is exactly when we would have expected it. either right at midnight or -- that is how they get things done. and the reason they do that, is because what they're trying to do is broadly unpopular. people don't support austerity. there is a certain type of industrial sector that like s austerity, but that is about it. so in order to inflict it on the people, so to speak, they have to create these artificial deadlines, saying if we don't hurt you a little bit right now then we'll have t
the obsession, getting a deal at the very last minute. others kept saying well, you just watch, i know it looks bad now but if you wait until the stroke of midnight, we'll be there. indeed we are a, but i think th rational people say why is this that we do this at 11:59, and have terrible consequences. >> all right, ezra klein, stand by if you will. let's bring in "huffington post" ryan grim, i know you were just over joyed hearing this. but after all of this back and forth for...
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so mitch mcconnell, speaker john boehner, they have to deal with the fact that president obama was reelected to raise taxes on the top 2% and speaker boehner and the republicans can't get their hands around their caucus, then the blame is on them. >> jarret, what do you think about all of this? you deal with the policy. you deal with the numbers. there has been some offers from the president, even to the chagrin of hi base. how do you make where we are? >> well, listening to the three of you and your introduction, i'm just struck a real low point in american politics over a period when there's been pretty good kovcompetition for the low of the low points. i'm also really kind of moved by the really political malpractice going on. we have an economic recovery on going. >> by the way, you don't really hear people talking about the unemployment rate. you're working to build on the momentum of this recovery. help them prove it so american households can get ahead on their own. through working hard. not through any tax breaks or anything like that. but through getting back to work and getting the
so mitch mcconnell, speaker john boehner, they have to deal with the fact that president obama was reelected to raise taxes on the top 2% and speaker boehner and the republicans can't get their hands around their caucus, then the blame is on them. >> jarret, what do you think about all of this? you deal with the policy. you deal with the numbers. there has been some offers from the president, even to the chagrin of hi base. how do you make where we are? >> well, listening to the...
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if that's the case how long will president obama realistically have to deal with gun control and immigration not to mention his plans for infrastructure and even green energy? >> that's the problem. if you remember, right after the election, after latinos came out and overwhelming numbers to support democrats and president obama's re-election, the president said one of the first things i want to do in january is immigration. let's tackle that. there was a lot of disappointment among especially the latino community about the president's push on that. in the first term he was dealing with other things. he said we'll do that in january. then you had this terrible situation in sandy hook elementary school in connecticut. the president said one of the first things i want to do in january, i'm going to push on gun control. vice president biden is heading this commission and is supposed to come back with recommendations. yet you see vice president biden on the hill yesterday dealing with the fiscal cliff. if you're going to have two more months of positioning on the fiscal cliff, how deep does the
if that's the case how long will president obama realistically have to deal with gun control and immigration not to mention his plans for infrastructure and even green energy? >> that's the problem. if you remember, right after the election, after latinos came out and overwhelming numbers to support democrats and president obama's re-election, the president said one of the first things i want to do in january is immigration. let's tackle that. there was a lot of disappointment among...
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will congress and president obama be able to pull together a fiscal cliff deal in time? we'll let you know, when we come back. [ male announcer ] how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> well, of course, it isn't just the fiscal cliff we're counting down to. it's new year's eve and we want to say happy new year to everyone who is joining us or watching the program here today. earlier, we asked have you made any resolution, trade or otherwise, for 2013. we've got a couple at least. one here from jeff who says i resolve to invest in pets and pampering. petsmart people love pets and profit from it. that's true, actually.
will congress and president obama be able to pull together a fiscal cliff deal in time? we'll let you know, when we come back. [ male announcer ] how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence....